EFCC Arraigns Titilayo Eboh in N1.8bn Forex Scam

LAGOS – The Economic and Financial Crimes Commission (EFCC) Lagos Zonal Directorate 2 has brought a high-profile forex fraud case to court, arraigning alleged serial fraudster Titilayo Eboh alongside Chayomi Aluminium Limited and fugitive Abubakar Funtua before Justice Mojisola Dada at the Special Offences Court in Ikeja.

The Wednesday, March 4, 2026, proceedings centered on a three-count charge alleging conspiracy, stealing, and obtaining N1,871,220,000 by false pretence from Himark Intertrades Limited executives Olamayowa Abdulwasiu Olabisi and Adekanmi Adedire. Eboh, described by the EFCC as a repeat offender in investment and money laundering schemes, pleaded not guilty across all counts.

Charges in Detail

Count one accuses the defendants of conspiring between December 2, 2020, and January 25, 2021, to defraud the victims by falsely claiming access to US dollars for exchange at N420 per dollar – a rate that promised huge profits amid Nigeria’s volatile forex market.

The second count directly indicts Eboh and her company for receiving the massive sum under the same pretence, while the third focuses on outright stealing. Prosecutors highlighted how such scams exploit desperate businesses seeking forex amid chronic dollar shortages in Nigeria.

ADVERTISEMENT

Court Proceedings

EFCC counsel Nnaemeka Omenwa sought firm trial dates and Eboh’s remand, noting a bail application emailed from a related case before Justice Rahman Oshodi. Defence lawyer Emefo Etudo clarified he was not involved in that matter, requested time for a hard copy, and urged an early bail hearing alongside multiple trial slots.

Justice Dada adjourned bail to March 24, 2026, and fixed trial commencement for May 4, 2026, remanding Eboh in custody meantime. This marks another chapter for Eboh, recently facing EFCC charges in a separate N247.5m fraud case with witnesses already testifying.

Broader Context

The case underscores EFCC’s intensified crackdown on forex fraud rings preying on Nigeria’s parallel market woes, where naira devaluation fuels illicit schemes. Eboh’s alleged history of multi-jurisdictional scams signals systemic risks in unregulated trading, with authorities vowing relentless pursuit.